Brazil is known for leading the offshore rig market in South America, home to bountiful presalt fields, but the waters offshore other countries on the continent are also “teeming with excitement,” as a rig analyst described it during a recent webinar.

Chief among these areas is Guyana, where an Exxon Mobil Corp.-led consortium has made 14 discoveries and plans to start producing up to 120,000 barrels of oil per day at the Liza Phase 1 development by early 2020.

The exploration success story has been among the bright spots of the oil and gas industry, which continues to battle volatile market conditions amid pressure by shareholders to focus more on returns and less on output. It is also helped put the spotlight on offshore exploration, which suffered major budget cuts during the latest market downturn.

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